Divisie Betalingsverkeer Afdeling Betalingsverkeer en effecten. Aan: Members of the NUG T2S NL Van: ir. M. Otten

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1 1 Aan: Members of the NUG T2S Van: ir. M. Otten Onderwerp: Minutes NUG T2S d.d. November 26th, 2009 Attendees: Paul Colsters Henk Bruggeman Bob Folmer Martin Hoedemakers Jaap Mauritz Frans Mensen Marcel Otten Richard Ozinga Jean-Paul van Pul Bas van de Veerdonk Arjo van Vliet Henk van Vliet Ariena van Wageningen Mieke Wennekes Marcel van Dijk Ruud Sleenhof Gerard van Zwam Dan Toledano - BNP Paribas - DACSI - CitiBank - ING Bank - DNB (Chairman) - Rabobank - DNB (Secretary) - Deutsche Bank - DACSI - Rabobank - Rabobank - Fortis Bank - DNB - DNB - Euroclear Nederland - RBS -KasBank - Euroclear 1 OPENING Chairman Jaap Mauritz opens this meeting of the National Usergroup on T2S in the Netherlands. De Nederlandsche Bank F027

2 2 2 MINUTES PREVIOUS MEETING The minutes of the previous meeting were approved. 3 ACTION LIST As the last meeting of the NUG T2S was in July this year, all actions on the action list were obsolete and are therefore closed. 4 FEEDBACK SUBGROUP MEETINGS Subgroup Message Standardisation: o Since a few months now the subgroup has been discussing about which reference of which party should be used in which field of which message. A proposal by 4CB/ECB/SWIFT is under discussion until December 3 rd, to be finalised in the subgroup meeting of December 10 th. The Dutch Securities Market Practice Group has had a look at this proposal, and will come up with an reaction. Gerard van Zwam will ask Mark van Helvoort to send this reaction also to the NUG T2S (action ). o The mandate of the subgroup will be extended into o At this moment the focus of the subgroup is on messages for which no official standards exist, f.e. messages for Party Reference Data or Securities Reference Data. Corporate Actions Subgroup: o The mandate of the subgroup has been extended into 2010 for gap-analysis, implementation plans and the implementation regarding the proposals of the subgroup. o During the last meeting proposals (based on the recent mini-consultations) regarding marketclaims, transformations and buyer protection were discussed. User Requirements Subgroup: o Arjo van Vliet will distribute the summary of the last meeting of the subgroup (action ).

3 3 Subgroup Process Efficiency: o The subgroup has finished its work and has been disbanded. o In its meeting on November 2 nd the subgroup decided to allow the modification of the settlement instructions only on the non-matching fields until settlement occurs. Modification of matching fields therefore will not be allowed, this has to be done via cancel&replace. o The discussion about second level matching seems to start all over again, despite the fact that the AG already took a decision in this matter. De NUG T2S is of the opinion that the decision should not be reopened. 5 PRESENTATION EUROCLEAR T2S WHITEPAPER Dan Toledano of Euroclear gave a presentation about their T2S Whitepaper. This presentation will be attached to these minutes. On December 9 th Euroclear will organise a session in Brussels about this T2S Whitepaper. People who want to attend this session can contact Euroclear directly. Questions can be sent before December 3 rd to Marcel Otten. 6 CMB SETTLEMENT BANK FUNCTIONALITY Jaap Mauritz will bring in this subject in the Werkgroep Liquiditeitsbeheer (action ). The members of the NUG T2S are requested to distribute the document internally within their own organisation. 7 T2S INFO SESSION IN AMSTERDAM ON JANUARY 14 TH, 2010 The next T2S Info Session of the ECB will be organised in Amsterdam, at KasBank, on January 14 th next year, from 10:00 till 16:00. Members of the NUG T2S, DACSI en de Werkgroep Liquiditeitsbeheer will receive an invitation.

4 4 8 ANY OTHER BUSINESS o Ruud Sleenhof mentions that in the next AG-meeting external governance will be an important subject. The EBF will discuss this matter with Trichet.

5 5 ACTION LIST Action-id Description Who Intended date Send reaction of DSMPG to proposal about Gerard van usage of references to NUG T2S Zwam Distribute summary meeting User Arjo van Requirements Subgroup Vliet Bring in CMB Settlement Bank Functionality Jaap Mauritz in Werkgroep Liquiditeitsbeheer Distribute document CMB Settlement All Functionality internally within own organisation Put Investigation on Market Discipline regime in Europe on the agenda of next NUG T2S Marcel Otten

6 6 DECISIONS Decision-id Description Date 1 Regarding UR T2S about additional/optional 26/11/2008 matching fields the NUG T2S chose for the first option: Some systems may always enter an optional matching field automatically, unintentionally preventing matching with counterpart instructions 2 Partialling is only wanted in case of lack of securities 24/02/ Partialling should be optional in the settlement layer and 24/02/2009 only be performed if both parties want it. 4 Archiving in T2S for 10 years in enough 24/02/ At a minimum the account number (IBAN?) should also 24/02/2009 be a matching field. Matching against blank fields could be a temporary solution 6 The Dutch market wants Buyer Protection Rules in T2S 24/02/ Market Claim may settle if the underlying trade has not 24/02/2009 been settled (so linking is not wanted). 8 In case of partial settlement the original instruction gets 24/02/2009 the status partial settled and a new instruction with the same reference should be generated for the remaining amount 9 The NUG T2S agrees that CSDs and technically 24/02/2009 directly connected T2S parties shall send securities financing instructions to T2S as two separate instructions 10 The NUG T2S agrees that unmatched instructions will 24/02/2009 be recycled for 20 business days 11 The NUG T2S does not agree that matched instructions 24/02/2009 will be recycled for an unlimited period. This should also be 20 business days 12 The NUG T2S agrees on a data archiving period of 26/05/2009

7 7 Decision-id Description Date 10 years as a workable working-option. 13 The NUG T2S does not agree with the proposal of 26/05/2009 unlimited back- and future dating, a limit of 20 days (in line with market claims) is more acceptable 14 The NUG T2S agrees with the proposal regarding 26/05/2009 additional matching fields. 15 The NUG T2S does not agree with the proposal regarding optional matching fields. 26/05/2009